The PenFed Promise Visa Card Offers a Way to Escape Your Big Bank

By Jason Steele. Last updated 23 May 2017. 0 comments

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The Pentagon Federal Credit Union, or PenFed, was founded to provide financial services for members of the United States' armed forces and government contractors, as well their families and households. PenFed offers its Promise card that features low interest rates and absolutely no fees.

How This Card Works

To apply for this card, you must be a member of the credit union. Membership is open to members of the military and uniformed services, employees of many different defense related organizations, their family members, and even members of the same household of an eligible person. But even if you don't qualify on this basis (which seems to cover at least half the U.S. population), you can still join a qualifying organization for a minimal cost. For example, you can become a member ofVoices for America's Troops for a mere $15.

Pros

Low interest rates. The PenFed Promise's standard interest rate starts one of the lowest rates of any credit card. 

No fees. There are simply no fees for this credit card. It almost doesn't seem possible that you could abuse this card by making late payments every month without incurring any penalty, yet it is true. It is likely that at some point PenFed would probably just suspend a deadbeat's account.

PenFed. The Pentagon Federal Credit Union is a very large and trusted institution founded in 1935. Once you are a member, you are eligible to receive all sorts of other financial services as well as personal finance counseling.

Cons

No rewards. This is one the best credit cards offered, but there are still no points, miles, or cash back to be had.

Membership hurdles. It is not very hard to become a member of PenFed, but it is an extra step you need to take before applying.

Who This Card Is Best For

This is the ideal card for someone who is sick and tired of double digit interest rates and exorbitant fees. The PenFed Promise is a simple and affordable product.

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